Pernix Therapeutics Holdings (NASDAQ: PTX)
Pernix Therapeutics is having yet another incredible day in the market today, following up on the gains that we saw late last week. Today, when the opening bell rang, the stock found itself well in the green. From there, we've seen some upward and some downward movement, but the stock is still trading with incredible profits. Below, we'll talk about what we're seeing in the market, why, and what we'll be watching for ahead.
What We're Seeing From PTX
As mentioned above, Pernix Therapeutics is having a strong day in the market today. This is following the gains that we saw on the stock toward the end of last week. Today, when the market opened, the stock was already trading with incredible profits. Nonetheless, we're seeing quite a bit of movement. While some movement is up and some is down, the strong gains for the day seem to be here to stay. At the moment (12:36), PTX is trading at $3.36 per share after a gain of $0.45 per share (15.48%) thus far today.
Why The Stock Is Climbing
As usual, our partners at Trade Ideas were the first to inform us of the gains on PTX. As soon as they did, the CNA Finance team started digging for the cause of the gains. In this case, it didn't take long to uncover the story. It seems as though the gains are being caused by an announcement that was made last week.
According to the announcement, Pernix Therapeutics recently appointed Ken Piña as General Counsel and Chief Compliance Officer. As a result of this hire, it is our opinion that investors have renewed hopes of a possible asset sale coming down the line. Nonetheless, this is clearly exciting news for investors considering the gains it has caused.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping close tabs on PTX. In particular, we'll be watching to see what the new appointment means for the company. While we know changes will be made, we're excited to see just what those changes are. We'll be watching the news closely and bringing it to you as it breaks!
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